Safe Harbor Financial announced on February 3, 2025, that it has entered into a Letter Agreement with Partner Colorado Credit Union (PCCU) regarding its Senior Secured Promissory Note. Under this agreement, PCCU has agreed to temporarily pause the receipt of principal payments due in February and March 2025.
This temporary pause is expected to improve Safe Harbor's liquidity by approximately $510,000. The company is actively engaged in discussions with PCCU to finalize a potential modification of the Note within this two-month period.
Co-CEO Terry Mendez stated that PCCU's willingness to engage in these discussions reflects their longstanding relationship and commitment to working with Safe Harbor as it develops new solutions. While discussions are ongoing, the temporary relief provides immediate liquidity benefits.
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